Business interruption
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience. -
The consultancy said losses were expected to keep mounting following Q4 disclosures.
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Losses were relatively evenly divided between the two events.
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The insurer said its reserving was still adequate after the court supported its overall approach, but said biosecurity exclusions were not sufficient to decline claims.
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The regulator says that the insurance sector had remained resilient this year but faced ongoing threats.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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Carriers have raised $19bn so far this year, with another $3bn in the pipeline, the broker says.
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The German carrier pegs the full-year impact of the pandemic on its reinsurance operations at EUR3.4bn.
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The carrier seeks to address potential BI liabilities following a court ruling.
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A fresh BI ruling in Australia this week highlighted the industry's reason for caution over Covid exposure as legal actions continue.
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The carrier plans to raise A$750mn in new equity capital to help shore up its balance sheet, and has further eroded its aggregate reinsurance.
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